#simplifyinginsurance

Have you bought a health insurance policy lately which provides free annual health checkup? Now you are not sure how to avail the benefit.

Here is what you can do.

[1] These are planned benefits. So before you go to the diagnostic center, inform your insurance company. They might provide you with a claim reference number. If your insurance company provides an app or online portal, please do the pre-booking for tests to be taken.

[2] Stick to the tests which are included in the list for this benefit. Make sure your bill does not exceed the amount specified for this benefit.

[3] Inform the diagnostic center about your insurance benefit that you would be claiming and, if required, get a sign and stamp on the claim form.

[4] Fill the claim form and mention your claim reference number. Send your claim form along with original bills to the insurance company for reimbursement.

This is a very long and tedious process for any person who just bought the policy. Take help of your advisor for raising this type of claim. That should help.

But wait. Is this the benefit for which you bought your health insurance policy?

NO.

This can be a nice-to-have feature but this is not a must-have. What your health insurance policy should do is provide you comprehensive coverage in case you go through any health emergency.

If you are looking for assistance to buy a health insurance policy, you can visit our website and book a free call with us.

Talking to a good advisor can help.

Looking to buy life insurance for yourself?

Here are the four things which affect the premium you pay.

𝗬𝗼𝘂𝗿 𝗔𝗴𝗲 - The older you get, the more you pay as premium.

Buy as early as possible to lock in a lower premium rate for yourself.

𝗬𝗼𝘂𝗿 𝗛𝗲𝗮𝗹𝘁𝗵 - If you have some health conditions which are life altering or life threatening, you might be asked to pay an extra premium.

Buy insurance when you are still young and healthy to avoid this.

𝗧𝘆𝗽𝗲 𝗼𝗳 𝗣𝗼𝗹𝗶𝗰𝘆 - Your premium depends on the type of policy you buy. Pure protection plans such as term plans cost much less compared to investment plans.

𝗖𝗼𝘃𝗲𝗿 𝗔𝗺𝗼𝘂𝗻𝘁 - Higher the amount of cover you want, more premium you have to pay. But always make sure you are adequately covered.

You've reached the maximum limit on your health insurance coverage. What would you do if you suddenly find yourself facing another major medical expense?

Here’s the good news for you.

Say hello to restoration benefits in health insurance!

Here is what you get.

[1] This is an additional feature that can be a lifesaver when you've exhausted your policy's maximum limit.

With restoration benefits, your coverage limit is restored up to the initial cover amount in the middle of your policy year.

This allows you to continue receiving healthcare coverage for the remainder of the policy year.

[2] Not only does restoration benefit provide an extra layer of financial protection, but it also gives you peace of mind knowing that you won't be left high and dry in the middle of a health crisis.

And with healthcare costs continuing to rise, restoration benefits can be a valuable addition to your health insurance policy.

[3] Keep in mind that restoration benefits apply only to future hospitalisations in the same policy year.

This means if you reach your maximum cover amount during your first hospitalisation and need more, the restoration benefit will not help as it will kick in only from your next hospitalisation during the same policy year.

[4] Some insurers do not cover hospitalisation due to the same or related illness under restoration benefits.

Nevertheless, restoration benefits are a great addition to the basic coverage.

So if you're looking for added financial protection and peace of mind when it comes to your healthcare coverage, you can talk to us. Visit our website and book a free call today.

Your health and financial wellbeing are worth it!

Your existing health insurance policy is good but provides less coverage?

Buy a top up health insurance plan and enhance your coverage.

Suppose you are having an existing health insurance plan with a cover of Rs. 5 lakh. You feel that this cover might not be sufficient in case of any major illness.

What can you do?

Continue with the old policy and keep renewing it because

👉 You will not have to go through the underwriting process for the base sum insured again. 👉 You will get continuity benefits such as coverage for existing disease.

Buy a top up policy with a deductible of Rs. 5 lakh.

👉 Top up policies are inexpensive. 👉 Your top up policy will get activated as soon as your hospital bill crosses the deductible of Rs. 5 lakh. 👉 You can shop around and buy your top up policy from any insurer.

Term insurance is a simple and the most affordable form of life insurance. However, there are many myths surrounding term insurance that can make it difficult for people to make informed decisions about their insurance needs.

Myth #1: Term insurance is expensive Term insurance is actually one of the most affordable types of life insurance available. Because it provides coverage for a specific term and does not have any living benefits, the premiums are much lower than other types of life insurance.

Myth #2: Term insurance only provides coverage if you die While the primary purpose of term insurance is to provide coverage in the event of death, you can attach other benefits such as critical illness coverage, disability coverage, and accidental death coverage by paying an additional premium. These additional benefits can provide valuable protection to you and your family members.

Myth #3: Term insurance is only for young people Term insurance is suitable for people of all ages, not just young adults. You can adjust the coverage period of your policy to meet your specific needs. However, it is always better to buy term insurance while you are still young.

Myth #4: Term insurance is a waste of money if you don't die during the term of your policy While it's true that you or your family do not receive any benefits if you outlive the term of your policy, the premiums you pay during that time still provide a valuable form of financial protection. Term insurance provides peace of mind as it protects against unexpected financial losses during the coverage period.

Myth #5: You don't need term insurance if you have savings While savings are important, you may not have enough to protect your loved ones in the event of your death. Term insurance can provide a financial safety net for your family, ensuring that they are able to cover expenses and maintain their quality of life in the event of your unexpected passing.

Term insurance is an affordable form of life insurance that provides valuable financial protection to you and your family. Always make an informed decision about your insurance needs and protect your loved ones for the future.

Should you buy travel insurance? Is it worth it?

Your travel insurance policy protects the money which you have laid out for your travel. In case any unexpected event happens, you don’t stand to lose that money.

Many countries have made it mandatory for visitors to buy travel insurance before they can set foot on their land.

But whether it is required by law or not, buying travel before you start your journey is always recommended. So what does your travel insurance policy cover?

Emergency Medical Benefits - If you fall sick during your trip and require medical help, travel insurance plans usually cover the cost.

Accidental Death and Disablement - If any accident happens while traveling in a common carrier such as a flight, train, or bus which causes death or permanent disablement, your travel insurance plan covers that.

Loss of Baggage or Personal Documents - If you lose your baggage or personal documents during your trip, your travel insurance also pays for the actual cost of loss.

Loss or Delay of Checked In Baggage - If your checked in baggage is delayed by more than 12 hours or is lost in transit, your travel insurance covers the cost of actual loss or damage.

Flight Delay - Yes, your travel insurance also reimburses the expenses you incur for meals, refreshments, etc. in case your flight is delayed by more than 6 hours or so.

Financial Emergency Assistance - If you lose your travel funds due to theft or robbery during the trip, your travel insurance covers that too.

Trip Cancellation - Some travel insurance plans also cover trip cancellation. If you have to cancel or cut short your trip due to any unforeseen circumstances such as your illness or the illness of any family member, your travel insurance plan pays for the unused part of the trip such as prepaid expenses which are non-refundable.

Most health insurance plans in India or other parts of the world do not cover OPD or other regular medical expenses. Many people think that their health insurance plans are incomplete without this.

Some insurers started covering OPD expenses as an add-on to their regular plans. But this add-on is quite expensive. If you wish to cover OPD expenses of up to Rs. 5000, you will have to pay a premium of almost the same amount. This does not make any sense.

Have you ever wondered why?

Insurance is only for unforeseen circumstances. It works on the concept of pooling of similar risks where the probability of occurrence of the insured event is small but the financial impact can be huge in case the event actually happens.

Take the case of your regular health insurance. It covers all your hospitalisation related expenses if the need arises.

Now you know that for a healthy person, the chances of getting sick and eventually taking treatment in a hospital within a year are fairly small. But in case the person does end up in a hospital, medical bills create a deep hole in his pocket.

To save yourself from such an unforeseen financial burden, you buy a health insurance plan for yourself.

The premium you pay to the insurance company includes the cost of claims, other expenses, and the profit margin for the insurer. Since you do not know in advance that such a situation will arise and if it arises, how much it will cost you, you are ready to pay this premium.

Now consider the OPD expenses. We know that OPD expenses can occur more frequently, whenever we fall mildly sick. If we are taking regular medicines for already known ailments, we already know the monthly costs associated with such treatments.

If you want your insurance company to cover such expenses, what would happen? The actual costs of such treatments taken during the year are fairly known in advance. Your insurance company will charge you for that and also add other expenses and profit margin for itself. Premiums you pay for such would not make sense.

Do you know that you can buy some health insurance plans which provide you fixed benefits irrespective of your cost of treatment?

Insurance is a product which makes good for the financial loss which you incur in case of unforeseen adverse events such as health emergencies, accidents, thefts, natural disasters etc.

A typical insurance policy covering any adverse event provides you coverage which is limited to the extent of financial loss you incur due to that event. This kind of insurance policy is Indemnity Insurance.

Let’s consider your regular health insurance policy.

You bought a health insurance plan which covers you against health emergencies with a sum insured of Rs. 2 lakh.

In case you are hospitalised and you take a treatment which costs you Rs. 2 lakh, your health insurance policy will only pay you Rs. 2 lakh.

And to claim these 2 lakh rupees from your insurer, you will need to provide actual hospital bills as proof of the cost of your treatment.

Most health insurers have launched products such as Critical Illness Insurance and Cancer Care insurance which are Fixed Benefit products.

Let’s say you buy a Critical Illness insurance which covers 50 specified critical illnesses with a sum insured of Rs. 10 lakh.

Your insurer will pay you a fixed benefit of Rs. 10 lakh in case you are diagnosed with any of the critical illnesses specified in the list.

You can utilise this amount to take better treatment, pay your regular bills or any other purpose.

In this fixed benefit policy, diagnosis of illness is enough for you to raise a claim with your insurer. You do not need to provide the proof of any costs associated with your illness.